Fincantieri and and Bremer Investitions-Gesellschaft mbH (BIG) have reportedly signed an agreement with the current shareholders to purchase a significant percentage of the capital of Lloyd Werft Bremerhaven GmbH.

Under the agreement, Fincantieri will initially hold a 21.05% stake in Lloyd Weft and BIG (an entity controlled by the state of Bremen) will hold a 13.16% stake.

The Fincantieri and BIG shareholdings will be accomplished via an increase in the capitalization of Lloyd Werft.

The agreement, which is subject to approval by German and EC competition authorities, provides for Fincantieri to purchase a majority holding in the company by Dec 31, 2008.